cross-posted from: https://lemmy.world/post/13402219

Economist Richard Wolff discusses how Russia’s successful defeat of NATO sanctions not only saved its economy but also fueled the rise of another: China. This video breaks down how the US-NATO empire is crumbling, and fast.

edit:

• fixed word error on title

Short Summary

1. The speaker discusses the changing world economy and the impact of geopolitical events on global trade dynamics.
2. Russia’s response to sanctions from Europe led to China becoming the largest exporter of automobiles in the world.
3. Russia stopped buying European automobiles and instead made a deal with China for oil and gas, resulting in increased Chinese automobile purchases in Russia.
4. The shift in the automotive industry exemplifies modern economic development, with China benefiting as the largest exporter of automobiles.
5. President Trump’s trade policies towards China resulted in supply chain disruptions and increased costs for American companies.
6. China’s economic growth rate of 5.2% is higher than the celebrated 3.2% growth rate in the West.
7. The speaker suggests that China’s investments in high-tech and clean energy, as well as their involvement in global initiatives like BRICS, position them as a potential global leader.
8. The video highlights the shift in global power dynamics from the West to the East, with China emerging as a significant player.
9. The speaker emphasizes the need for the West to adapt to the changing landscape and engage with China as a rising power rather than resist their ascent.